Press Releases

BSTDB AND KFW COOPERATE TO SUPPORT SMEs, ECONOMIC AND SOCIAL INFRASTRUCTURE IN GREECE AND THE BLACK SEA REGION

Thessaloniki, 26-Apr-2017

The Black Sea Trade and Development Bank (BSTDB) and KfW Development Bank (Germany) signed a new credit line in an amount of USD 100 million at the BSTDB headquarters in Thessaloniki. The 8-year Facility provided by KfW will boost BSTDB’s financing of micro, small and medium-sized enterprises and support economic and social Infrastructure projects in BSTDB member countries (excluding Bulgaria, Romania and Russia). BSTDB may use 20% of the Facility to finance projects in Greece.

“Signing this fourth loan agreement, we are happy to strengthen our strategic cooperation and synergies with the KfW Development Bank in the Black Sea region. In particular, this facility will help us to increase further our support for growth, development and employment in Greece, the Bank’s home country, during the current challenging period of economic transformation” - said BSTDB President Ihsan Ugur Delikanli during the signing ceremony.

“BSTDB and KfW share the same goals and priorities in the Black Sea region. It is the responsibility of both, multilateral and bilateral development banks, to support the countries to make sure, that despite the challenging economic situation, the needed investments take place. Therefore we are glad that on the basis of the new credit facility, KfW and BSTDB continue to contribute to the economic development in the Black Sea Region”, said Dr. Norbert Kloppenburg, Member of Executive Board of KfW Group.

Since 2006, the KfW’s Observer Status with BSTDB has facilitated cooperation between the two development banks in project co-financing, equity participations, and policy discussions aimed at increasing the developmental effectiveness of their operations.

* * * * * * * * * * *

KfW is one of the world´s leading and most experienced promotional banks. Established in 1948 as a public law institution, KfW is owned 80 per cent by the Federal Republic of Germany and 20 per cent by the federal states (“Länder”).

KfW Development Bank is Germany’s leading development bank and an integral part of KfW. It carries out Germany´s Financial Cooperation (FC) with developing countries on behalf of the Federal Government. The 600 personnel at headquarters and 370 specialists in its 68 local offices cooperate with partners all over the world. Its goal is to combat poverty, secure the peace, protect the environment and the climate and make globalisation fair. KfW is a competent and strategic advisor on current development issues.www.kfw-entwicklungsbank.de/International-financing/KfW-Entwicklungsbank

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. www.bstdb.org.